F|T: The FinTech Times – Left in the cold

Welcome to the FinTech Times, a weekly newsletter covering the biggest FinTech news from around the globe. If you want to read F|T before anyone else, make sure to subscribe using the form at the bottom of this page.


Payfare’s IPO reaches $75.2 million following exercise of over-allotment option (BETAKIT)

Payfare, which filed to go public in February, initially closed $65.4 million for its IPO in mid-March and currently trades on the Toronto Stock Exchange (TSX) under the symbol “PAY.”


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Plaid valuation tops $13 billion in first funding after a scrapped $5.3 billion merger with Visa (CNBC)

Plaid announced a $425 million funding round led by Altimeter Capital with participation from new investors, Silver Lake and Ribbit Capital.


Canadian banks shrink workforces as they invest heavily in technology (REUTERS)

Five of Canada’s six biggest banks cut their workforces 4.4% from a year earlier to a combined total of 291,409 full-time equivalent employees as of Jan. 31.


Mortgage is suddenly sexy as SoftBank pumps $500M in Better.com at a $6B valuation (TECHCRUNCH)

Digital mortgage lender Better.com has raised a $500 million round from Japanese investment conglomerate SoftBank that values the company at $6 billion.


Lightspeed launches payments product in UK, Europe (BETAKIT)

Prior to launching its payment offering in 2018, Lightspeed customers had to rely on a third-party payments provider to integrate with their Lightspeed products.


India’s CRED valued at $2.2 billion in new $215 million fundraise (TECHCRUNCH)

Two-year-old CRED has become the youngest Indian startup to be valued at $2 billion or higher.


Peekapak, Cisco, and the C100 share advice for Canadian tech leaders who “leave it all on the field” (BETAKIT)

Laura Buhler (C100), Ami Shah (Peekapak), and Erin Hipp (Cisco) provide founders with tangible examples of how to adapt and transform in the face of change.


KKR-backed OneStream Software raises $200 million at $6 billion valuation (BNN BLOOMBERG)

OneStream plans to be ready for a public share sale next year, although actual timing may vary based on market conditions, Chief Financial Officer Bill Koefoed said in an interview.


One year after raising seed round, PolicyMe launches digital life insurance product (BETAKIT)

Canadian Premier Life Insurance is acting as PolicyMe’s insurance carrier partner for the launch of this product, while an undisclosed global reinsurance company will split the policy liability with Canadian Premier.


Bank software provider Alkami aims for over $2 billion valuation in U.S. IPO (REUTERS)

The company said it was looking to raise as much as $150 million by selling 6 million shares at a price range of $22 to $25 per share.


Corporate card FinTech Ramp earns its horn following $115M Series B (CRUNCHBASE)

Ramp went after new financing after experiencing heavy market excitement, demand from customers and interest from investors, company co-founder and CEO Glyman told Crunchbase News.


Brim Financial, Canadian Western Bank partner to launch FinTech platform, consumer credit cards (BETAKIT)

Brim said the new partnership will enable CWB to offer Brim’s suite of consumer credit cards and integrated digital banking platform, which facilitates a wide range of financial services.


Instacart and DoorDash plan to launch their own credit cards (WALL STREET JOURNAL)

Two of the biggest winners in the pandemic delivery boom are looking to launch their own credit cards.


AmEx’s purchase of online lender Kabbage left desperate PPP borrowers in the cold (CNBC)

When American Express bought “substantially all” of Kabbage last year, it left behind the business responsible for PPP loans.


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Josh Scott

Josh Scott

Josh Scott is a BetaKit staff writer who loves to tell Canadian business and tech stories. His coverage is more complete than his moustache.